Latin America and the Caribbean: Groundnuts Market 2025

Groundnuts Market Size in Latin America and the Caribbean

The Latin American groundnuts market reduced slightly to $X in 2022, with a decrease of -2.6% against the previous year. The market value increased at an average annual rate of +4.4% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market reached the peak level at $X in 2021, and then contracted in the following year.

Groundnuts Production in Latin America and the Caribbean

In value terms, groundnuts production contracted to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +3.8% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2017 when the production volume increased by 38%. Over the period under review, production hit record highs at $X in 2019; afterwards, it flattened through to 2022.

The countries with the highest volumes of production in 2022 were Argentina (X tons), Brazil (X tons) and Nicaragua (X tons), with a combined 91% share of total production.

From 2012 to 2022, the most notable rate of growth in terms of production, amongst the main producing countries, was attained by Brazil (with a CAGR of +8.0%), while production for the other leaders experienced mixed trends in the production figures.

The average groundnuts yield was estimated at X tons per ha in 2022, almost unchanged from 2021. The yield figure increased at an average annual rate of +2.7% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2019 when the yield increased by 28%. Over the period under review, the groundnuts yield reached the maximum level at X tons per ha in 2020; however, from 2021 to 2022, the yield stood at a somewhat lower figure. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, the groundnuts harvested area in Latin America and the Caribbean contracted modestly to X ha, waning by -3.9% compared with the previous year. The harvested area increased at an average annual rate of +2.3% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations in certain years. The pace of growth appeared the most rapid in 2013 with an increase of 19% against the previous year. The level of harvested area peaked at X ha in 2021, and then contracted slightly in the following year.

Groundnuts Exports

Exports in Latin America and the Caribbean

After three years of growth, shipments abroad of ground-nut (in-shell) decreased by -22.5% to X tons in 2022. Overall, exports, however, continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2015 with an increase of 541%. As a result, the exports attained the peak of X tons. From 2016 to 2022, the growth of the exports remained at a lower figure.

In value terms, groundnuts exports contracted rapidly to $X in 2022. In general, exports, however, posted a moderate expansion. The pace of growth appeared the most rapid in 2015 with an increase of 375%. As a result, the exports attained the peak of $X. From 2016 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Argentina prevails in exports structure, reaching X tons, which was near 77% of total exports in 2022. It was distantly followed by Brazil (X tons), mixing up a 5.9% share of total exports. The following exporters - Peru (X tons), Nicaragua (X tons), Paraguay (X tons) and Ecuador (X tons) - together made up 12% of total exports.

Argentina experienced a relatively flat trend pattern with regard to volume of exports of ground-nut (in-shell). At the same time, Peru (+18.8%), Paraguay (+13.6%), Brazil (+10.7%) and Ecuador (+3.9%) displayed positive paces of growth. Moreover, Peru emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +18.8% from 2012-2022. By contrast, Nicaragua (-10.1%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Brazil, Peru and Paraguay increased by +3.7, +3.2 and +1.9 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Argentina ($X) remains the largest groundnuts supplier in Latin America and the Caribbean, comprising 83% of total exports. The second position in the ranking was held by Ecuador ($X), with a 4.3% share of total exports. It was followed by Paraguay, with a 4.2% share.

From 2012 to 2022, the average annual growth rate of value in Argentina totaled +5.1%. The remaining exporting countries recorded the following average annual rates of exports growth: Ecuador (+11.7% per year) and Paraguay (+11.7% per year).

Export Prices by Country

In 2022, the export price in Latin America and the Caribbean amounted to $X per ton, surging by 7.4% against the previous year. Export price indicated a notable increase from 2012 to 2022: its price increased at an average annual rate of +3.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, groundnuts export price increased by +38.3% against 2019 indices. The growth pace was the most rapid in 2017 an increase of 47%. Over the period under review, the export prices hit record highs in 2022 and is likely to see gradual growth in the near future.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Ecuador ($X per ton), while Nicaragua ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ecuador (+7.5%), while the other leaders experienced mixed trends in the export price figures.

Groundnuts Imports

Imports in Latin America and the Caribbean

In 2022, the amount of ground-nut (in-shell) imported in Latin America and the Caribbean surged to X tons, with an increase of 24% compared with the previous year's figure. Total imports indicated a perceptible increase from 2012 to 2022: its volume increased at an average annual rate of +3.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -25.6% against 2018 indices. The most prominent rate of growth was recorded in 2013 with an increase of 43% against the previous year. The volume of import peaked at X tons in 2015; however, from 2016 to 2022, imports stood at a somewhat lower figure.

In value terms, groundnuts imports skyrocketed to $X in 2022. The total import value increased at an average annual rate of +1.5% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2018 when imports increased by 29%. As a result, imports reached the peak of $X. From 2019 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

Trinidad and Tobago (X tons) and Mexico (X tons) prevails in imports structure, together generating 81% of total imports. It was distantly followed by Costa Rica (X tons), comprising a 4.7% share of total imports. The following importers - Uruguay (X tons) and Jamaica (X tons) - together made up 4.4% of total imports.

From 2012 to 2022, the biggest increases were recorded for Uruguay (with a CAGR of +30.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest groundnuts importing markets in Latin America and the Caribbean were Trinidad and Tobago ($X), Mexico ($X) and Costa Rica ($X), with a combined 87% share of total imports. Uruguay and Jamaica lagged somewhat behind, together comprising a further 3.5%.

In terms of the main importing countries, Uruguay, with a CAGR of +33.0%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in Latin America and the Caribbean amounted to $X per ton, picking up by 3.4% against the previous year. Overall, the import price, however, recorded a mild setback. The most prominent rate of growth was recorded in 2021 when the import price increased by 5.3%. Over the period under review, import prices reached the maximum at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Trinidad and Tobago ($X per ton), while Uruguay ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Uruguay (+2.2%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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